Property Management Advice
The top reasons good renters leave
Ever wondered why your renters seem happy one minute, but up and leave the next? Well often it comes down to some common reasons, some of which are avoidable and some which are simply part of life.
So let’s look at the top reasons that renters leave and how you can create the type of investment property that people want to stay in for the long-term.
Lack of maintenance
Good renters take pride in their home, and that includes ensuring the property is well maintained and in good working order.
If reasonable requests for maintenance or repairs continually fall on deaf ears or take too long to action, it can prompt a good renter to become frustrated and leave.
Poor communication
Proactive communication is at the heart of a positive rental experience. This includes providing proper notice about things like entries and routine inspections, as well as open and clear communication about maintenance, repairs, agreement renewals and more.
When there is a culture of open communication between the renter and property manager and also the property manager and owner, everyone is on the same page about their rights, responsibilities, and looking after the property.
Excessive rent increases
If you’re increasing the rent by a lot, or at every available opportunity, there’s a good chance your renters will quickly tire of constant price hikes. It’s important to appreciate there’s a fine line to tread when it comes to rent increases and retaining good renters who look after your home.
Change in circumstances
Sometimes life just happens. People enter new relationships, move cities, buy a house, change employment or their current relationship ends.
Any of these examples can prompt a renter to leave a rental and sometimes the catalyst might be urgent, such as sudden financial hardship or domestic violence.
Their needs have changed
The things we need from the properties we live in change over the course of our lives. For example, the birth of a child might mean your renters need a bigger property, or the fact they’ve become empty nesters might see them looking for a smaller home.
Sometimes, your renters will leave simply because their needs have changed. Perhaps they want a pool or a shed and your property doesn’t have one, or maybe they need to be closer to shops, medical facilities or educational institutions.
The neighbourhood has changed
Maybe it’s not your renter’s needs that have changed. Perhaps it’s the neighbourhood around them that’s altered, becoming busier, more crowded, more expensive, less safe, or home to a different demographic.
Again this is one of those situations beyond your control, and isn’t something you could foresee or prevent.
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